What to Look for in a Business Chequing Account for LLCs | Business

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There are several million Limited Liability Companies (LLCs) in the United States today, and that number continues to grow as more people start their own businesses and need a fast, affordable, and easy to protect yourself without creating a society. But having an LLC may not be enough. To maximize the protection offered by your LLC and make your bookkeeping and life easier, it’s important to find a business checking account to separate your personal and business assets.

If you’ve never opened a business bank account, you may not know where to start. You have come to the right place.

What to consider when looking for a business checking account

Once you’ve decided to open a business account for your LLC, you’ll quickly find that there are several things to consider.

  • How much money can you deposit and keep in your new account?
    Determine how much you can keep in your account. Many accounts offer additional benefits for higher opening balances, but you may also need to maintain a minimum balance.
  • How often do you visit a branch or ATM?
    If you go to a branch daily to get rolls of change or make deposits or withdrawals, make sure the bank you choose has branches, ATMs, and convenient mobile banking options.
  • How many transactions do you make per day?
    Some business accounts charge for each transaction. If your business typically has a high volume of transactions, look for an account with little or no fees on each.
  • What types of payments do you accept?
    Is your business currently cash only? Some banks offer payment card acceptance as part of their business checking accounts, making it easier for customers to pay and allowing you to get paid quickly and in some cases contactless.
  • How important is it to have access to an investment banker you can trust?
    If you’re new to business and business banking, you probably have a lot of questions. Take a little extra time to find a bank with merchant bankers who understand your business and your needs. The right banker can be a trusted advisor and an invaluable resource for your growth.

There might be a Chase solution that’s right for you

Chase for Business offers a number of checking account options for businesses. Review your answers, then read on for some Chase options that might suit your needs.

A complete solution for all your LLC needs

LLCs that are just starting out or have lower revenue streams and trading volumes need an account that maintains their cash flow. Chase Business Comprehensive Banking ServicesSM check all these boxes. With flush Quick acceptanceSM built-in card acceptance, this account allows you to accept credit card payments anytime from anywhere in in the United States using Chase Mobile® app or browser and have money deposited into your account the same day.

Other features include access to 16,000 ATMs in the lower 48 states and over 4,700 branches, as well as the ability to issue refunds to customers and track disputes and up to 20 deposits and withdrawals made with a cashier and paper checks written to the account.

Business accounts that grow with you

As your business grows and recruits employees, you will begin to enjoy a higher volume of transactions and deposits. It’s important to find an account that offers higher limits on both at no additional cost. Many mid-sized businesses enjoy the flexibility of being able to make up to 250 fee-free transactions per month and the unlimited electronic deposits that come with Chase Performance Business Checking®.

If your business is larger, with both high volume and high revenue, you may need an account that offers even more freedom. For this reason, many large companies are drawn to Chase Platinum Business VerificationSM. This account offers our highest number of no-fee transactions – up to 500 per month, unlimited electronic deposits and incoming transfers, and up to $25,000 in monthly cash deposits per statement cycle at no additional charge. load.

Speak to an investment banker to determine which account best suits your needs and what other Chase for Business products could help your business grow.

For Informational/Educational Purposes Only: The opinions expressed in this article may differ from those of other employees and departments of JPMorgan Chase & Co. The opinions and strategies described may not be appropriate for everyone and may are not intended to constitute specific advice/recommendations for any individual. . The information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and goals before making any decisions and consult with the appropriate professional(s). Prospects and past performance are not indicative of future results.

Full Chase Business VerificationSM has a monthly service fee of $15 unless you complete at least one of the following qualifying activities: 1) Maintain a minimum daily balance of at least $2,000 in your account at the start of each day during the statement, 2) Spend at least $2,000 on purchases (less returns or refunds) using your Chase Ink® Business card(s) sharing a legal business name with the Chase Business Complete Checking account, using the most recent monthly billing period(s), 3) Deposit at least $2,000 into your Chase Business Complete Checking account at from Chase QuickAcceptSM transactions and/or transactions of eligible Chase Merchant Services products (net of chargebacks, refunds or other adjustments) at least one business day prior to the last day of your Chase Business Complete Checking account statement period, or 4) Maintain a Chase Private link Customer VerificationSM Account. Product terms are subject to change. Eligible Chase Merchant Services products include only those whose transaction history can be viewed via Chase Business Online, Chase Connect®or JP Morgan Access®.

Chase QuickAccept is only available in Chase Mobile® app on certain mobile devices and is not available in US territories or outside of the United States. Use of QuickAccept is subject to eligibility and further review. Deposits are subject to limits, verification, fraud monitoring and other restrictions. Messages and data rates may be applied.

Payments processed, approved, and completed by 5:00 p.m. Pacific Time (PT) / 8:00 p.m. Eastern Time (ET) are eligible for same-day deposits, 6 days a week, excluding Saturday. Additionally, all QuickAccept repositories are subject to the QuickAccept Terms of Service. Payments withheld for risk, fraud or other review may not be eligible for same-day deposits. Payments processed, approved, and completed by 5:00 p.m. PT / 8:00 p.m. ET, Sunday through Friday (including holidays), will be deposited into the business owner’s Chase checking account that night. All payments processed, approved and completed by 5:00 p.m. PT / 8:00 p.m. ET on Saturday will be deposited into the business owner’s Chase checking account on Sunday morning at 7:30 a.m. ET. There are no additional fees for same-day deposits, but standard rates and fees will apply for business verifications and payment processing. Customers are entitled to same-day deposits when they register and deposit into a Chase business checking account. Same-day deposits are only available in the United States. Additional exclusions may apply.

You should carefully consider your needs and goals before making any decisions and consult with the appropriate professional(s).

JPMorgan Chase Bank, NA Member FDIC. Equal Opportunity Lender, ©2022 JPMorgan Chase & Co

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